Coinfloor, a UK-based cryptocurrency exchange platform, plans to lay off some of its employees. The Britain exchange says the move is part of a restructuring process brought about by certain changes in the virtual currency market dynamics.
Founded in 2013, Coinfloor is reportedly the oldest crypto exchange in the U.K. and is focused on institutional and sophisticated investors. Coinfloor has about 40 employees, more than half of them will be let go.
Coinfloor chief executive, Obi Nwosu confirmed the reports but didn’t elaborate on the number of affected staff members. Commenting on the matter, Nwosu said:
Coinfloor is currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructuring, we are making some staff changes and redundancies.
The main reason for the introduction of the restructuring process is because of declining trade volumes and increasing competition since the entry of many global crypto exchange player including Coinbase.
Coinfloor isn’t the only crypto exchange which is facing the heat of slowdown in the crypto space, other leading exchanges such as Kraken laid off 57 of its North America-based workforce, as a cost-saving measure.